BeepXtra, a company launched in late 2013 and registered in the British Virgin Islands, began offering shares to its affiliates in May, according to a recent webinar. This development raises questions about the potential sale of unregistered securities. The company's business model centers on affiliate commissions tied to fees paid by merchants for access to its payment network.
In May, Angelos Hadjiphilippou, BeepXtra's IT Director, contacted ScamTelegraph about a review published in November 2013. On May 14th, Hadjiphilippou wrote, "At first, i would like to thank you for a very honest review of our platform and service. I have to admit, you got most of the points right, except some pricing and other minor details which we may have missed in the beginning, but overall a spot-on review." He offered an interview to clarify points missed due to the platform's youth.
ScamTelegraph requested a copy of the compensation plan in English on May 19th to assess the need for an update. No further communication came from Hadjiphilippou in the following month.
News then emerged that BeepXtra was offering shares to its affiliates. Lyndon Farrington, identified as BeepXtra's Managing Director, presented the shares during a 30-minute "leader's webinar." He pitched the shares based on the company's potential future value.
"Our question to you is, if there was a buyout from a global giant, would you wish you were a shareholder?" Farrington asked at the 14:07 mark. He then based his pitch on a hypothetical evaluation of BeepXtra. Farrington estimated the company could bring in 324 million pounds annually. He did not disclose BeepXtra's current gross or net earnings.
Farrington went on to state that, in a "worst case scenario," BeepXtra could command a 3.2 billion pound buyout evaluation. He also claimed that an initial investor group decided to hold back 300 shares for six months, allowing affiliates to "invest in a stable company." Farrington revealed that BeepXtra purportedly "resisted" offers of 3 million pounds for these 300 shares.